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Income Protection and Life Assurance (Death-in-Service)

With effect from 1st November 2021, employees of the University who are members of the Model Pension Plan or Single Public Service Pension Plan can benefit from Voluntary Life Assurance and Income Protection Plans. The intention of both Plans is to offer payments in addition to those already available through the University’s sick leave arrangements and pension Plans. Master Pension Plan members already have this cover historically.

Eligible staff will be automatically enrolled in the Plans with effect from 1st November 2021 or from their date of joining the College thereafter. If you do not wish to enter into the Plans, you can opt out by completing an Opt-Out Form which is available below. It is important to note that if you opt-out and want to re-join the Plans at a later date, you will need to complete an application form and undergo full medical underwriting. There is a risk that you may not be re-admitted to the Plans or you may be required to pay a higher premium or have certain illnesses excluded.

Further information via a video of the presentation can be viewed HERE (mp4 video 49 mb)

Income Protection

The Income Protection Plan is designed to give employees the opportunity to provide a replacement income should they become unable to work due to long or short-term illness. The Income Protection Plan works in combination with the College’s  sick pay Plan and State entitlements (where applicable) to provide employees with a total income of up to 75% of their pre-illness salary.

With effect from 1st November 2021, the premium rate will be 0.72% of gross salary which is the  guaranteed rate until 31st October 2024. More information on this Plan can be found HERE.

Life Assurance (Death-in-Service)

The Life Assurance (Death-in-Service) Plan is designed to give employees the opportunity to make financial provision against the possibility of premature death whilst employed by Trinity College. The objective of the Plan  is to provide an additional lump sum, equal to twice annual salary, for the benefit of the employees’ dependents and/or estate in the event of death whilst employed by Trinity College.

With effect from 1st November 2021, the premium rate will be 0.17% of gross salary which is the guaranteed rate until 31st October 2024. More information on this Plan can be found HERE.

Next Steps

If you wish to avail of this great offer, you do not need to do anything. Both Plans are  voluntary with membership being by way of auto-enrolment for all eligible employees and all future employees with deductions and cover commencing from 1st November 2021.

If you do not wish to avail of this great offer, you may opt out. Your options in this regard are as follows:

If you wish to opt out of the Life Assurance Plan or both Plans, in order to ensure that your preferred option is actioned in time and to avoid unnecessary deductions, it is important to read the opt out information, complete and return an opt out form to HR@tcd.ie no later than Wednesday 20th October 2021. Please note that it is not possible to choose the Life Assurance Plan only.

An information booklet can be found HERE.

For further information, please contact hr@tcd.ie.  

Questions and Answers

Can anybody join the schemes?

Only current employees who are members of the Model Pension Scheme or Single Public Service Pension Scheme can join. Cover also ceases at age 66 so if you have reached that age you are no longer eligible for the scheme.

I am a member of the Master Pension Scheme why am I not allowed to join?

Members of the Master Pension scheme already have sufficient benefits linked to the pension. A copy of the Master Pension Scheme booklet is available on the pension website.

What if I elect to opt out and decide at a later date I wish to join?

If you do not wish to enter into the Plan, you can opt out by completing an Opt-out Form. It’s important to note that if you opt-out and want to re-join the Plan at a later date, you will need to complete an application form and undergo full medical underwriting. You should note that the insurer may not allow you to join the scheme depending on the outcome of the underwriting. 

What happens if I go on a career break/maternity leave?

Deductions and cover will cease and will recommence on your return. (check with IL)  

How do I pay the premiums to the insurance company?

The premiums will be automatically deducted through payroll and remitted to the insurance company on your behalf.

What happens when I go out sick and am eligible for income protection payments?

Employees out on sick leave should be automatically contacted by Human Resources if it is likely that they will qualify for income protection benefits. If you think you are eligible or will be eligible in the future you should contact Human Resources to discuss your situation.  

Will the deduction remain the same?

The rates as at 1 October 2021 are guaranteed for 3 years up to 30 September 2024. In accordance with best practice at the end of the term the rates will be reviewed with the help of an experienced Irish broker.

How can I get more information on the schemes?

The scheme booklets provide members with the full details of the schemes and these are available in the Income Protection and Life Assurance links above.

What happens when I leave or retire from the College?

Once you cease employment with the College the deductions will no longer be paid to the insurance company and therefore cover for both income protection and life assurance ceases.